I use the term "valueless" in a very careful and specific meaning. It does not mean the work is without merit or doesn't have large impact or benefits to society, rather it simply means the quality of the work has no value to the peer reviewers or to the journal itself.
* The peer reviewers are donating their time and generally getting nothing in return from reading the work other than seeing what other developments are going in in the field.
* The journal gets nothing from work itself. They are solely in the business of collecting author fees and fees from library.
In this context, I think it is accurate to describe most work as "valueless" to those involved in the system. This naturally leads to sloppy peer review and publishing practices.
What I would like to see is a system that makes all players have skin in the game for the quality of the work.
How to do this? One way would be a new kind of journal where everything published has to be patentable. The journal would pay for the patenting costs and the split any potential licensing fees with the authors/funding institutions in some way. Peer reviewers would be paid and/or get a small cut of the patent.
This would make everyone in the process have "skin in the game" in the value and quality of the work being published. I don't know if the economics of such a model would work, but I think it would be a fascinating experiment.